I know I’m not the only one…The mom who thinks what were my parents thinking back in the eighties? If they would have just invested consistently in Wal-Mart stock they would be multi-millionaires today! Even more alarming if I would have kept my discounted shares in Wal-Mart stocks when I worked there what could I be doing with my life now? What seems to be the common thread here is that when the ones before you don’t have a clue usually the ones after them don’t have a clue either.
Since we are welcoming at new month, we are in the midst of tax season and we are weeks away from Spring…I thought it would be a great time to discuss spring cleaning our financial houses. I want to talk about “5 Reason Why It’s Never Too Early to Save for Retirement.” I’ll also include a few killer tools that I have discovered over the past six months!
Reason #1. Your youth is your friend. The moment a child is issued a Social Security Number there are a number of ways that you can begin a savings and most importantly a custodial investment account for them. On top of that if you own a business as a sole proprietor or LLC you can hire your child(ren) as young as three and begin funding an investment account for them as well as create a tax deduction for yourself. Winning! Just let this excerpt from Joshua of “TheMinimalist.com” sink in…”Too Young? Are you insane? If you’re younger than 30, you have it made! Young people, no matter your tax bracket, have a significant opportunity to become truly wealthy thanks to the power of compound interest.”
Reason #2. Saving early for retirement prepares you to be more financially responsible. It’s tax season when people are more likely to splurge! I can’t tell you how many years even before my son was born that I would take that little boost of cash flow and blow it on “things”. Once becoming parents we do the exact same thing except, we splurge on buying the children toys, clothes and shoes. Lets remember we provide for them all year long and since we just had Christmas do they really need anything right now? Why not start their first investment account and watch it soar over the next ten years?!
Reason #3. Numbers do not lie. Once again I will share with you a beautifully detailed excerpt/example from Joshua. “Someone who invests $25,000 by age 25, with a 12% rate of return, will have more that $2 million by the age of 65–even if she or he doesn’t add another dollar after age 25. Conversely, if that same person waits until age 30, she or he will have to contribute more than three times as much to achieve the same outcome. The lesson? Compound interest is the best way to grow your money over the long haul–so start while you’re young.”
Reason #4. You learn so much when you teach your children. Honestly, when my son was born I really didn’t have a financial game plan mapped out for myself or him. He was a surprise and financially I was behind. I had a Scottrade account at the time along side my now ex, but we were investing and pulling out the funds so frequently that we could never see the benefit. Although, I saw that as a failure, I learned a ton and I am now able to share this with my son. By involving my son in the budget and now teaching him how to look over his custodial accounts with me we are both learning so much in the process. The dialogue between us helps him to see that splurging is not always smart and that he has a great chance at becoming a millionaire just for simply saying no to instant gratification and putting back as little as $10 per week!
Reason #5. There are some affordable tools out here to show you how to get started. It’s no secret that there are many people creating eCourses/classes that promise to help make you money quick, but the asking price is enough to break the bank. Six months ago I found in my opinion, one of the most hard core wealth building teachers I’ve ever encountered that created a class only after being inspired by their following! Talk about genuine. If you have not heard of the website: Bottom Up Wealth, just know you are in for a treat. Discovering her has been the fuel I needed to get my financial house in shape. In October of 2016, I enrolled in her very first course, “Zero To Investor.” This course gave me the confidence I needed as a self directed, long term investor!If you feel you have what it takes and you are looking for a solid way to make your money make more money I would highly suggest that you get on the waiting list here: http://bottomupwealth.com/zero-to-investor-open?orid=4443&opid=1 You will be forever changed. I can attest to that.
Courtesy of Bottom Up Wealth
Also, since we are less than six days away from Bottom Up Wealth’s second course and today’s topic is about retirement…I also highly suggest, “Retire Wealthy”! You can hop on the registration list here: http://bottomupwealth.com/retire-wealthy-vip?orid=4443&opid=2
Courtesy of Bottom Up Wealth
I can tell you that these course are affordable and easy to navigate! Oh, and since we are all busy moms she made sure to design the course as a work at your on pace platform! You can’t beat it and I have already made back my investment in myself. Bonus: She is extremely active in the private Facebook groups that correlate with the classes! I am not an expert by far I just like to research and find great tools and I believe the ones suggested are jewels that will take you and your family far in life.
If you know that obtaining wealth is something you desire, but you need a little more guidance this just might be the information you were looking for. I encourage you to check it out! I am not saying don’t enjoy life or treat you and the family to something nice, but please do so wisely. Lastly, let’s talk. Let me know what your aspirations are to retire and what you have or wish you had in place. I would love to hear about it in the comments below! I hope that I said something that spark your attention and/or inspired you.